Kenya to gain from $94m EU geothermal power fund
Kenya is among countries set to benefit from €80 million ($94 million) funding from the European Union investment arm to increase geothermal power production.
The European Investment Bank (EIB) — an investment arm of the EU — approved the funding last Saturday targeting private sector-led geothermal power projects in East Africa.
The funding will benefit projects in Kenya and 17 other countries, including Ethiopia, Rwanda, Tanzania, Uganda, Mauritius, Mozambique, and Madagascar.
“Eligible projects will typically include greenfield development and brownfield expansions, with proven geothermal resources,” said EIB.
“Investments in geothermal energy will help diversify base load renewable electricity supply in the region and contribute to the reduction in greenhouse gas emissions compared to fossil-fuel based alternatives.”
The money is part of the global €4.1 billion ($4.8 billion) that the bank has lined up for the private sector to accelerate renewable energy investment.
EIB has worked with Kenya since 1976 and supported different projects in including Olkaria geothermal plants and the Lake Turkana Wind Farm.